Plug Power (NASDAQ:PLUG) Stock Price Down 2% - Here's What Happened

Plug Power Inc. (NASDAQ:PLUG - Get Free Report)'s share price traded down 2% during trading on Tuesday . The company traded as low as $1.64 and last traded at $1.68. 24,754,532 shares traded hands during trading, a decline of 63% from the average session volume of 67,434,211 shares. The stock had previously closed at $1.71.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Seaport Res Ptn lowered Plug Power from a "hold" rating to a "strong sell" rating in a research note on Monday, January 27th. Susquehanna dropped their price target on Plug Power from $2.50 to $1.80 and set a "neutral" rating for the company in a research note on Wednesday, March 5th. Evercore ISI dropped their price target on Plug Power from $5.00 to $4.00 and set an "outperform" rating for the company in a research note on Wednesday, November 13th. B. Riley decreased their price objective on Plug Power from $4.00 to $3.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Finally, Truist Financial reduced their price target on Plug Power from $2.00 to $1.50 and set a "hold" rating on the stock in a report on Wednesday, March 5th. Six analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $2.34.

Plug Power Stock Performance

The company has a market cap of $1.54 billion, a P/E ratio of -0.78 and a beta of 1.98. The firm has a 50 day moving average of $2.02 and a 200-day moving average of $2.09. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

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Institutional Trading of Plug Power

Several hedge funds and other institutional investors have recently bought and sold shares of PLUG. Pacific Sage Partners LLC bought a new stake in Plug Power during the 4th quarter valued at $25,000. Oppenheimer & Co. Inc. bought a new stake in Plug Power during the 4th quarter valued at $25,000. Jones Financial Companies Lllp boosted its position in shares of Plug Power by 107.4% in the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock worth $25,000 after purchasing an additional 6,074 shares in the last quarter. Callan Family Office LLC acquired a new stake in shares of Plug Power in the 4th quarter worth $27,000. Finally, Ground Swell Capital LLC acquired a new stake in shares of Plug Power in the 4th quarter worth $27,000. Institutional investors own 43.48% of the company's stock.

About Plug Power

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.